EFSA Approves GB Auto’s Call For EGM On Capital Reduction

The Egyptian Financial Supervisory Authority (EFSA) has sent Tuesday a release to the Egyptian Exchange (EGX) stating that it approved GB Auto (AUTO.CA)’s step to call for an extraordinary General meeting to discuss the reduction of the company’s paid-up and issued capital through cancelling the treasury stocks purchased more than a year ago.  A year earlier, GB Auto had purchased treasury stocks amounted to 107100 thousand in which the par value is one Egyptian Pound per share.

The company’s coming EGM will be also discussing the amendment of the Articles 6 and 7 of GB Auto’s basic system in the sidelines of capital reduction. It will also discuss submitting a disclosure form as per Article No. 16 of the Listing and Delisting Regulations.

Worth mentioning, GB Auto’s issued capital is valued at EGP 129 million distributed to 129 million securities in which the par value is EGP 1 per share.